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India’s Creative Industries July 5, 2011

Posted by rwituja in Young Creative Entrepreneur.
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Highlights 

  • Media and Entertainment is one of the fastest growing sectors inIndia. The entertainment industry estimated at about US$ 9.4 billion in revenues in year 2010 is expected to reach revenues of US$ 10.7 billion in 2011.
     
  • With the advent of new technologies such as 2G and 3G, and increasing mobile penetrationIndia’s music industry is scaling on a high note.
     
  • India is the largest film producing market in the world and one of the largest employment sectors in India. 
     
  • India is the third biggest Internet market, with over 100 million internet user base and the amount of time spent on the Internet for an average user in the country is 16 hours a week. According to Google estimates, 40 million users access Internet through mobile phones and download 30 million applications. New technologies such as 3G, broadband and mobile infrastructure are also helping in propelling this trend. 
     
  • The growth of the fashion industry in India is mainly driven by the growing exposure of domestic designers at international forums attracting a large number of international clients, launch of focused business education courses for emerging designers and the establishment of an industry association. Rising affluence has increased brand awareness among Indian consumers. The Indian textile industry provides direct employment to over 35 million people. 
     
  • Growing wealth and disposable incomes of the country’s middle and upper classes, facilitated by the growth in retail infrastructure for entertainment products and services, and the demands for creativity in business is all opening up vast opportunities for businesses in this sector.

 Copyright: India Brand Equity Foundation, March 2011 (http://www.ibef.org)

Creative Economy July 5, 2011

Posted by rwituja in Young Creative Entrepreneur.
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Creative Industries was a term coined by the UK and its original definition formulated by the UK government in 1998 was ‘those industries which have their origin in individual creativity, skill and talent and which have the potential for wealth and job creation through the generation and exploitation of intellectual property.’

With the intention to map the UK’s creative industries, the Department for Culture, Media and Sport (DCMS) had identified 13 creative sectors of economic and cultural activity that conformed to this definition. It included advertising, architecture, the art and antiques market, crafts, design, designer fashion, film, interactive leisure software, music, the performing arts, publishing, software and computer services, television and radio.

The creative industries are an expression of cultural as much as economic value. In addition to their ‘exchange value’, (which is how goods and services find the price level in the market), and their ‘functional value’ (determined by their use in real life), most products and services of the creative industries have ‘expressive value’, a measure of their cultural significance that may bear little relationship to how much they cost to make or how useful they are. This additional value may be of little consequence or long-term significance or it may be an expression of profound cultural importance but it is one of the key elements that differentiate the creative industries.

Many a times the aim to protect and promote particular aspects of the national culture, is not for their direct economic significance but as a means of projecting a clear and positive image internationally – what has been called the projection of ‘soft power’ (Introductory Guide to the Creative Industries).

The term creative economy first appeared in 2001 in the John Howkins’ book The Creative Economy: How People Make Money From Ideas According to him, “creativity is not new and neither is economics, but what is new is the nature and the extent of the relationship between them and how they combine to create extraordinary value and wealth”.

There is no unique definition of the creative economy. It is a subjective concept that is still being shaped. The United Nations Conference on Trade and Development adopts the following definition of the creative economy: 

  • The creative economy is an evolving concept based on creative assets potentially generating economic growth and development;
  • It can foster income generation, job creation and export earnings while promoting social inclusion, cultural diversity and human development;
  • It embraces economic, cultural and social aspects interacting with technology, intellectual property and tourism objectives;
  • It is a set of knowledge-based economic activities with a development dimension and cross-cutting linkages at macro and micro levels to the overall economy;
  • At the heart of the creative economy are the creative industries.